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Jun 28, 2023The Samsung Group is a South Korea-based conglomerate that includes several subsidiaries. It is one of the largest businesses in Korea and produces nearly one-fifth of the country’s total exports, with a primary focus on electronics, heavy industry, construction, and defense. Other major subsidiaries of Samsung include insurance, advertising, and entertainment.
Samsung was founded in 1938 by Lee Byung-chul with only 30,000 won (about US$27) as trading company based in Taegu, South Korea. Initially, it started as a grocery store, trading and exporting goods such as dried Korean fish, vegetables, and its own noodles. The company grew and expanded to Seoul in 1947 but had to leave during the Korean War. After the war, Samsung diversified into textiles and built the largest woolen mill in Korea at the time. This early diversification became a successful growth strategy for Samsung, which rapidly expanded into insurance, securities, and retail businesses.
In the 1960s, Samsung entered the electronics industry with several electronics-focused divisions. It also acquired DongBang Life Insurance and established Joong-Ang Development, now known as Samsung Everland. During this period, Samsung formed a partnership with Sanyo, leading to the production of televisions, microwaves, and other consumer products. Samsung also ventured into shipbuilding, petrochemicals, and aircraft engines. By the mid-1970s, Samsung Heavy Industries became one of the world’s largest shipbuilders.
In the 1980s, Samsung entered the telecommunications hardware industry and began manufacturing mobile phones. It expanded globally and established subsidiaries in Germany, Portugal, the United Kingdom, and the United States. Samsung also became a leader in semiconductor manufacturing, producing large quantities of DRAM chips. In 1987, founder Lee Byung-Chul passed away, and his son, Lee Kun-hee, took over the reins of Samsung. The company experienced further growth under Lee Kun-hee’s leadership, becoming a world leader in chip production, forming Samsung Motors, and investing heavily in consumer electronics.
In the early 2000s, Samsung entered the phone market with touch-screen prototypes and developed speech-recognition phones. It acquired companies specializing in electronic device technologies and released popular smartphones like the Galaxy S II and Galaxy S III. Samsung became the world’s largest mobile phone maker and made acquisitions in various industries, expanding its offerings in medical technology, smart TVs, OLED displays, home automation, printing solutions, cloud solutions, payment solutions, and artificial intelligence.
Samsung has also made significant strides in innovation, including the development of the Gear VR, a virtual reality device, and securing numerous patents. In 2017, Samsung received governmental permission to test self-driving cars and announced plans to expand renewable energy efforts.
Today, Samsung continues to be a leading global technology company, known for its diverse product portfolio, including smartphones, televisions, home appliances, semiconductors, and more. The company remains committed to innovation, expansion, and the development of cutting-edge technologies across various industries.
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